turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cec1
New Member

Schedule K-1 section 1231 loss increases my tax

I'm entering Schedule K-1 information for a real estate partnership. The partnership sold some properties at a loss. When I enter a "Section 1231 loss" amount (negative number) from Box 20 on the K-1 form, my tax amount increased in TurboTax. Why would a loss increase my taxes?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
cec1
New Member

Schedule K-1 section 1231 loss increases my tax

Correction: The Section 1231 loss is from Box 10 on the K-1 form.

Schedule K-1 section 1231 loss increases my tax

this does not completely explain your situation but if that loss also appears on line 20Z, then it reduced or eliminated the QBI/199A deduction thus increasing your taxes. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies